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90_SB0180eng
30 ILCS 350/10 from Ch. 17, par. 6910
30 ILCS 350/11 from Ch. 17, par. 6911
Amends the Local Government Debt Reform Act. Provides
that, except for an ordinance required to be published in
connection with a backdoor referendum, any bond ordinance
adopted by a governing body under applicable law shall, in
all instances, become effective immediately without
publication or posting or any further act or requirement.
Deletes similar language that applied only to refunding
bonds. Effective immediately.
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1 AN ACT to amend the Local Government Debt Reform Act by
2 changing Sections 10 and 11.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Local Government Debt Reform Act is
6 amended by changing Sections 10 and 11 as follows:
7 (30 ILCS 350/10) (from Ch. 17, par. 6910)
8 Sec. 10. General provisions. Bonds authorized by
9 applicable law may be issued in one or more series, bear such
10 date or dates, become due at such time or times within 40
11 years, except as expressly limited by applicable law, bear
12 interest payable at such intervals and at such rate or rates
13 as authorized under applicable law, which rates may be fixed
14 or variable, be in such denominations, be in such form,
15 either coupon, registered or book-entry, carry such
16 conversion, registration, and exchange privileges, be subject
17 to defeasance upon such terms, have such rank or priority, be
18 executed in such manner, be payable in such medium of payment
19 at such place or places within or without the State of
20 Illinois, make provision for a corporate trustee within or
21 without the State with respect to such bonds, prescribe the
22 rights, powers and duties thereof to be exercised for the
23 benefit of the governmental unit and the protection of the
24 bondholders, provide for the holding in trust, investment and
25 use of moneys, funds and accounts held under an ordinance,
26 provide for assignment of and direct payment of the moneys to
27 pay such bonds or to be deposited into such funds or accounts
28 directly to such trustee, be subject to such terms of
29 redemption with or without premium, and be sold in such
30 manner at private or public sale and at such price, all as
31 the governing body shall determine. Whenever such bonds are
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1 sold at price less than par, they shall be sold at such price
2 and bear interest at such rate or rates such that either the
3 true interest cost (yield) or the net interest rate, as may
4 be selected by the governing body, received upon the sale of
5 such bonds does not exceed the maximum rate otherwise
6 authorized by applicable law. Except for an ordinance
7 required to be published by applicable law in connection with
8 a backdoor referendum, any bond ordinance adopted by a
9 governing body under applicable law shall, in all instances,
10 become effective immediately without publication or posting
11 or any further act or requirement.
12 (Source: P.A. 85-1419.)
13 (30 ILCS 350/11) (from Ch. 17, par. 6911)
14 Sec. 11. Refundings and redemption premiums. Bonds may
15 be refunded or advance refunded upon such terms as the
16 governing body may set in accordance with this Act, for such
17 term of years, not in excess of the maximum term of years
18 permitted by applicable law for the bonds to be refunded, and
19 in such principal amount, all as may be deemed necessary by
20 the governing body. The ordinance adopted by a governing
21 body under applicable law authorizing the refunding or
22 advance refunding of revenue bonds shall in all instances
23 become effective immediately without publication or posting
24 or any further act or requirement. Revenue bonds may be
25 issued to refund general obligation bonds or alternate bonds
26 issued under this Act. General obligation bonds shall not be
27 issued to refund revenue bonds or alternate bonds except as
28 expressly permitted by applicable law. Any redemption
29 premium payable upon the redemption of bonds may be payable
30 from the proceeds of refunding bonds which may be issued for
31 the purpose of refunding such bonds, from any other lawfully
32 available source or from both proceeds and such other
33 sources.
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1 (Source: P.A. 85-1419.)
2 Section 99. Effective date. This Act takes effect upon
3 becoming law.